Proposed reverse takeover for Saizen Reit delayed
THE transaction process on a reverse takeover (RTO) deal between Saizen Real Estate Investment Trust (Reit) and Sime Darby Property Singapore that has been brewing since August is taking longer than expected.
In an exchange filing on Tuesday morning, Saizen Reit manager said that because of this, the extraordinary general meeting has not been convened by Dec 31, 2016, as agreed under the implementation agreement.
Work on the proposed RTO remains in progress, and it will make relevant announcements to update unitholders of significant developments and transaction timeline when appropriate, it added.
Under the deal, Sime Darby Property, part of the Malaysian Sime Darby conglomerate, will have its Australian property assets injected into Saizen Reit.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Foxconn’s musical chairs sound like punk rock
AI fuels cloud computing boom for tech giants
AMD slides after AI chip forecast misses lofty estimates
IBM wins reversal of US$1.6 billion poaching award to BMC
Binance founder Zhao Changpeng gets 4 months in prison
Singapore Airlines could post highest-ever earnings of about S$2.7 billion for FY2024, says analyst